After cutting over 10 percent of its staff, gaming video site Machinima has confirmed its new Warner Bros. Entertainment-led funding round.
Rumors of the $18 million raise first kicked off in February. Now, Machinima has finally confirmed the deal in an official press release.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1094216,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"entrepreneur,games,","session":"A"}']According to the release, this round gives Machinima a chance to expand its video distribution beyond YouTube.
“There are myriad opportunities to connect Warner Bros.’ content to our audience across YouTube and our highly successful apps, and similarly to maximize the value of our content by utilizing Warner Bros.’ expertise in global distribution beyond YouTube.,” said Machinima CEO Allen DeBevoise.
Existing investors MK Capital, Redpoint Ventures, and Google Capital also participated in the round. Machinima previously raised $35 million in funding.
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As for the company’s layoffs, as many as 42 employees have been let go so far. Machinima claims the layoffs were the result of a “restructuring” process and mainly affected the company’s sales team.
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